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Decision Theory

How do decision theory, probability theory, inference, and generalization relate to data analysis? How do mean, median, mode, and standard deviation differ from one another? Support your answers with specific examples.

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Decision theory relates to data analysis, due to the fact that this theory points out the relevant issues that individuals take into consideration in making their final decision on a given issue, which would thereby affect their status and placement within a given data set being analyzed. An example of decision theory would involve an individual analyzing each of the candidates for president before voting. Probability theory relates to data analysis, due to the fact that this theory points out the random mathematical variables that may affect given outcomes, in relation to data that is being analyzed. An example of probability theory would be that if an individual with 90% accuracy in marksmanship fires 100 Bullets at a target, then 90 of the ...

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